Hey, been lurking in the forums these past few days trying to figure out my options.
Basically, I've been offered some IT contract work for the next few months. I'm just coming out of uni so have no other earnings this financial year and total will be under any NI thresholds (full or proportional to the amount of time remaining in the year). Not sure if will get a job or stick to contracting afterwards.
1. for registered and service address, is rapid formations 39 + 24/y a good deal?
2. is professional indemnity insurance required for a ltd? is not getting it going to lead to liability for a director? Should I be getting digital insurance? randsomware isn't a concern but stolen credentials could be?
3. are the default companies house articles of association suitable for a sole director ltd? Does article 7 mean the quorum and conflict of interest clauses don't stop you from passing resolutions at a directors meeting?
4. How do you pay yourself a salary as a director? for dividends you need a directors meeting with minutes and a dividend voucher, but if I just want to pay myself an amount as salary do I need to record that as a decision anywhere or do I just enter the amount I want to take out in PAYE software? Don't care about tax here, just the actual procedure.
5. is the hmrc's free paye tools adequate for my situation?
6. Are there any drawbacks to the free starling business bank account in my situation? I don't deal with cash and have no foreign transactions.
7. Do I need bookeeping beyond the bank account transaction history and PAYE software? As in, do I need to keep an ongoing P&L / Balance sheet, director's loan accounts (even if I don't use them)?
8. If at the end of the year I only pay myself 5k through the company, and company bank account is empty at the end of the year, is my P&L just going to be 5k in 5k out, balance sheet of 0 in a format I can lift off any other company on Companies house?
9. Is there any value in getting an incorporation package such as the rapid formations 'digital plus'
The register and minutes templates seem like they could be useful as do the legal contract templates. But do you actually need any of that?
10. Say come January I've stuck to contracting and made above the income tax lower threshold. How much will it cost to get an accountant to check over everything then compared to getting one now?
Hope most of my qs are new, couldn't find exact answers while searching and my situation is a bit unusual.
Thanks!
Basically, I've been offered some IT contract work for the next few months. I'm just coming out of uni so have no other earnings this financial year and total will be under any NI thresholds (full or proportional to the amount of time remaining in the year). Not sure if will get a job or stick to contracting afterwards.
1. for registered and service address, is rapid formations 39 + 24/y a good deal?
2. is professional indemnity insurance required for a ltd? is not getting it going to lead to liability for a director? Should I be getting digital insurance? randsomware isn't a concern but stolen credentials could be?
3. are the default companies house articles of association suitable for a sole director ltd? Does article 7 mean the quorum and conflict of interest clauses don't stop you from passing resolutions at a directors meeting?
4. How do you pay yourself a salary as a director? for dividends you need a directors meeting with minutes and a dividend voucher, but if I just want to pay myself an amount as salary do I need to record that as a decision anywhere or do I just enter the amount I want to take out in PAYE software? Don't care about tax here, just the actual procedure.
5. is the hmrc's free paye tools adequate for my situation?
6. Are there any drawbacks to the free starling business bank account in my situation? I don't deal with cash and have no foreign transactions.
7. Do I need bookeeping beyond the bank account transaction history and PAYE software? As in, do I need to keep an ongoing P&L / Balance sheet, director's loan accounts (even if I don't use them)?
8. If at the end of the year I only pay myself 5k through the company, and company bank account is empty at the end of the year, is my P&L just going to be 5k in 5k out, balance sheet of 0 in a format I can lift off any other company on Companies house?
9. Is there any value in getting an incorporation package such as the rapid formations 'digital plus'
The register and minutes templates seem like they could be useful as do the legal contract templates. But do you actually need any of that?
10. Say come January I've stuck to contracting and made above the income tax lower threshold. How much will it cost to get an accountant to check over everything then compared to getting one now?
Hope most of my qs are new, couldn't find exact answers while searching and my situation is a bit unusual.
Thanks!
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